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Experts: Coming to power of new King in Saudi Arabia will not change the policy of OPEC in oil market - OPINION

The market reacted to this with increase, as in politics in Saudi Arabia may come a time of uncertainty

Baku. January 23. REPORT.AZ/ Changing the King on the Saudi Arabia's throne made a little impact on the world oil market, economists say.

"Can we consider the growth of oil after the death of the King of Arabia serious jerk? No, but the trend is defined. The market reacted to this with increase, as in politics in Saudi Arabia may come a time of uncertainty," Report informs, a political scientist, head of the "Political expert group" Konstantin Kalachev said.

According to him, the new king of Saudi Arabia - Crown Prince - 79-year-old Salman bin Abdul Aziz al-Saud will almost certainly continue the old policy. "The course will not changet", says K. Kalachev.

The expert added, the situation in oil markets is largely determined by the desire to Saudis for the long term "closing" of oil shale theme.

K.Kalachev said, in 2008 US was extracted 5 million barrels of oil per day, and thanks to shale development, this figure has almost doubled.

US was proclaimed the new Saudi Arabia, the country had become the world's largest producer and exporter of oil. Saudi Arabia and the US allies, but the economic interests they are different, the expert stressed.

He expressed, the rate of Saudis remain the same for purely economic reasons.

"But oil, perhaps a little older in the fork of 50-60 dollars per barrel," says K. Kalachev.

In turn, the expert, director of the Center for Economic Research of the Russian Institute of Globalization and Social Movements Basil Koltashov also believes, the change of the King on the throne will not change the situation in oil markets. 

"Changes in the Arabian throne did not significantly change either OPEC or the oil market," he added.

He pointed that, meantime, the Saudis understand that the main thing now is not the price, but global market share.

"They have a strong position, accumulated reserves, and there is investment linkages with the US economy, which is export-oriented reindustrialization. Since the death of King nothing should change, unless the receiver does not begin to do silly things. Although it is likely it will be more trouble inside situation in the country: people are waiting for reforms ", concluded the head of the center.

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